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CEA says Senate Delays on Patent Reform Cost the Country Billions

Arlington, VA – May 8, 2014 –

The following statement can be attributed to Michael Petricone, senior vice president of government affairs at the Consumer Electronics Association (CEA)®, regarding the latest delay in the Senate Judiciary Committee’s markup of the Patent Transparency and Improvements Act of 2013:

“The latest postponement means another blow to American innovation and job creation. With each delay, more and more innovators are forced to choose between developing breakthrough technologies and dealing with patent trolls’ extortionist lawsuits. Every week the committee waits to take action, patent trolls siphon off another $1.5 billion from the U.S. economy.
“The trolls are scared, and they’re pulling out all the stops to derail this bill. Meanwhile, they have filed hundreds of lawsuits over the last few weeks, because they know their legalized extortion racket may be coming to an end.”

“The House overwhelmingly supported patent reform legislation, and the president is also ready to act. It is time for the Senate to do the right thing: ignore the pleas of trial lawyers, universities and others who routinely profit from patent abuse, and pass strong, common-sense reforms to protect American innovators and entrepreneurs.”

To see the firsthand accounts of patent troll victims and hear how frivolous patent lawsuits are stifling American innovation, click here.

About the Consumer Technology Assocation

The Consumer Electronics Association (CEA) is the technology trade association representing the $208 billion U.S. consumer electronics industry. More than 2,000 companies enjoy the benefits of CEA membership, including legislative advocacy, market research, technical training and education, industry promotion, standards development and the fostering of business and strategic relationships. CEA also owns and produces the International CES – The Global Stage for Innovation. All profits from CES are reinvested into CEA’s industry services. Find CEA online at www.CE.org, www.DeclareInnovation.com and through social media.